The cost of owning your own house.

[LPCollector]

I feel your pain guy's.

I learned from the school of hard knocks.....when I paid off the mortgage on my very first house my pre-payment penalty was $5000 USD!
I too insist on fixed rate mortgages and no pre-payment penalties.......now!

Now as far as taxes Phil, ours in the US are determined by assesed property value. They don't go up if we own our home outright......they don't go down either when, like now, the value has fallen......Bastards!

 

[LPSGME]

I feel your pain guy's.

Now as far as taxes Phil, ours in the US are determined by assesed property value. They don't go up if we own our home outright......they don't go down either when, like now, the value has fallen......Bastards!

Where do you live that you taxes don't go up just because you own you home outright?

Our school taxes typically go up 8% a year.

Correct me if I am wrong but I believe that, in Ireland, they don't tax a person's home and shelter.

In the U.S. shelter taxes are different in every state - because we don't have a single nation but a collection of separate states with completely different laws.

Iin California, for example, the assessed value of a person's home remains the same so land as they own it. But in a state like NY or NJ, a property's assessed value is revalue property every year (either directly or by an equalization process).

Our U.S. Supreme court has upheld each process saying (despite the fact they they treat U.S. citizens unequally) that they states may do whatever they want.

In states like NV, you can pay the state 5% of the value of your home and have it declared 'allodial' i.e. free from taxes.

Yet in a state like NY, where all land was constitutionally declared forever allodial hundreds of years ago, the state will try to find a way to imprison you if you dare raise the matter in court.

The media always talks about how people can't afford their mortgages - but they say nothing of how property taxes also make having a home and family unaffordable.

 

[Stowburst]

I don't know how others in the UK stand on all this and it would be also interesting to hear from you guys over the pond how it works over there re local council taxes. Mortgages etc.

Council Taxes are shit.. it cost me £120 ($227) per month and what for? I dont have a mortgage becasue I can't afford to buy a house..so I'm just renting. The cash situation in the UK is MENTAL..

 

[Big_dawg]

Don't get me started on the housing market, it's my favourite rant at the moment.

And the thing that still really amazes me is the fact that the government are still trying to encourage house building and encourage people to get mortgages they cant afford. People cannot affrd £180,000 2 bedroom flats or £250,000 3 bed houses. When their fixed rate mortgages end and the interest rate goes up, wow guess what you cant afford it. One bedroom flats £120000, how the hell is a young person just starting out in life (more than likely with a substantial university loan to pay back) supposed to be able to afford the deposit and mortgage that will be more than 5 times their income??!!

You know where i live Phil just down the road from Leigh on Sea, the council here (apart from having the most crooked 'planning' dept Ive ever seen) are allowing the whole area to be built on by 'contemporary' (read incredibly small!) apartments - One house gets demolished 15 flats takes its place. But along with these 15 flats are only 10 allocated parking spaces when they know very well that the average family has at least 2 cars, so where the hell are you supposed to put the other 20 cars??!

Why are flats being built, is there a lack of housing in the area?? - not on your life, the only thing that is lacking is affordable housing for families. But the developers (who've paid the council to hurry their application through) dont make as much money from 2 three bed houses why would they waste their time making £500,000 when they can make nearly £2million with apartments so small I can touch the ceiling standing on the floor(Im only 5ft 7). Recently we had a block of flats initially declined because it posed a flood risk (was only 10metres from the sea) it was resubmitted with added instructions to the tenants telling them what to do if it floods and surprise surprise planning was agreed - ridiculous. Its so corrupt around here.

Personally Im quite glad the shit has finally hit the fan Im only amazed our great government really hasnt accepted that house prices need to dramatically reduce before the process can start again. If they try and maintain house prices the same thing will happen next year - why is alastair darling so stupid?!

And as for council tax this is something to be very worried about. The government keep making noises about reviewing the basis of the calculations, which bizarrely was the estimated value of your house. Trouble is this was last done in the 1990's, if the government update the figures to house values 2008 the figure we currently pay will double and in some cases treble - why would a government do this?? Normally they wouldnt but a crumbling government that knows its on its way out, will implement this, to take effect after the election, so it looks as though the winning party has implemented it. Running governemt isnt about running the country its about a popularity contest and nothing else - they say the things they think we want to hear and do nothing about them later. Bring back poll tax that way everyone pays the same per person, why does no one see that this is the only fare system - oh thats right because theyre on bloody disability benefit and stuck in front of their 42 inch plasma playing playstations that people like Phil and me pay for for them....

 

[Big_dawg]

and breathe....

 

[RMC1]

The Disability thing seems to have become a lifestyle culture in the UK,just like everything else that involves sitting on your Ass doing nothing while us Tax payers fund it.Bring back National Service,i`m more than willing to kick the scroungers into shape!!

 

[Big_dawg]

The Disability thing seems to have become a lifestyle culture in the UK,just like everything else that involves sitting on your Ass doing nothing while us Tax payers fund it.Bring back National Service,i`m more than willing to kick the scroungers into shape!!

You cant do that its in violation of their human rights....


I totally agree with you though....

Hey slight change of subject ive just installed a scanner at home, want a copy of the seasick steve article??

 

[RMC1]

Yeah that would be great,i have a free day today,so an ideal chance to read it,thanks mate

 

[Big_dawg]

ok, just give me a chance to work out how to use it!!

 

[Stowburst]

Don't get me started on the housing market, it's my favourite rant at the moment.

Thats mine too.. not just for young people but everyone.. they just cost too much, how is anyone gonna try and get a house when average price in UK is about 200k?!?

 

[single cut 54]

My yongest Son began buying his house 18 months ago,since then house prices have fallen quite a lot. He works in building and construction ,an industry that is looking bleak at the moment, and for the foreseeable future.
With the constuction industry in decline he is already in negative equity,Its too late .The Government should have closed the stable door on escalating house prices over the last 10 years, now,the horse has already bolted.

 

[Big_dawg]

Council Taxes are shit.. it cost me £120 ($227) per month and what for? I dont have a mortgage becasue I can't afford to buy a house..so I'm just renting. The cash situation in the UK is MENTAL..

And theres another part of the problem when new estates and flats are being built a huge con is going on - I noticed locally (via the good ole interweb) that a block of flats (in a very very rich area) that was built around 5 years ago were all sold for £120,000, to the same person and then sold over the course ofthe following 6 months in excess of £250,000 each. After doing a bit of research it turns out the builder sold all the flats to himself (his company sold all the flats to him as a person!) at approx 1/2 price and then sold them all for market value giving himself approx £130,000 profit per flat. And Ive also noticed that entire blocks of flats are being sold to private landlords who then rent them out, although they're officially sold before they're on the market, thus stopping proper buyers from getting a look in, then encouraging the lie that we need to build more properties and the price goes up again.

At the end of the day the average person on the street cannot afford to buy a one bedroom flat let alone a small house for a family.

 

[Scooter2112]

Sorry - posted in wrong thread.

 

[Publius pro tem]

All you Brits are welcome here in Arizona.


I bought my house for $200,000 last year, and put a big chunk down.
In 2006 it was built and sold for just under $400,000. The people couldn't close and walked.
Lost over $50k on the house and walked away when they could not sell their other house.
It was offered for $272k, we negotiated our price in less than a month.
Could have gone even cheaper had we held out, but I liked the deal and jumped on it.

The real estate market has taken a huge hit here, in Las Vegas, and in Florida.
( I don't recommend Florida, sorry...)

30 year fixed at 5.8%, paying extra every month.
Goal is paid for in 15 years.

 

[VictorLazarus]

I've done a little research into this and it seems like if you cut off both your arms you can use them as a deposit, dunno how you'll be able to pay off the rest without arms thou.

MVL.

 

[Big_dawg]

I've done a little research into this and it seems like if you cut off both your arms you can use them as a deposit, dunno how you'll be able to pay off the rest without arms thou.

MVL.

KIdneys....

 

[VictorB]

I'm in the process of buying right now, getting a home inspection done tomorrow... keeping fingers crossed that there's no surprises...

 

[Big_dawg]

All you Brits are welcome here in Arizona.


I bought my house for $200,000 last year, and put a big chunk down.
In 2006 it was built and sold for just under $400,000. The people couldn't close and walked.
Lost over $50k on the house and walked away when they could not sell their other house.
It was offered for $272k, we negotiated our price in less than a month.
Could have gone even cheaper had we held out, but I liked the deal and jumped on it.

The real estate market has taken a huge hit here, in Las Vegas, and in Florida.
( I don't recommend Florida, sorry...)

30 year fixed at 5.8%, paying extra every month.
Goal is paid for in 15 years.

I would love to live in arizona, Scottsdale is one of my favourite places on this planet...

At the time (around five years back) for the money I sold a 1 bedroom flat for I could have bought a small(ish) 3 bedroom house with stables in Scottsdale... Damn you and your green cards....


<<<<<<< ooh look at that 1000 posts, what does that work out in guitar playing time...